The Dangote Petroleum Refinery historic initial public offering (IPO) has drawn roughly N1.5 trillion in subscriptions within six hours of opening on the Nigerian Exchange.
According to market filings, the unprecedented pace of bids places the landmark N2.15 trillion equity float on a fast track toward massive oversubscription.
The offering features 4.1 billion ordinary shares priced at N525 each, with a low minimum retail entry point of ten units (N5250) designed to draw widespread domestic participation.
Proceeds from the historic share sale will accelerate the Lekki-based facility’s capacity expansion roadmap, targeting an output of 1.4 million barrels per day by 2029.
President of Dangote Group, Aliko Dangote stated during the Lagos trading floor launch on Monday that the massive capital exercise is structured primarily to democratize wealth creation rather than address corporate funding needs.
This public share float follows a successful private placement phase and robust financial returns posted in the first half of 2026, driven by strong regional fuel exports and refining margins.
The retail application window runs officially from September 14 until October 13, 2026, providing everyday domestic and institutional investors broad access to the Lekki-based energy asset.
